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Author Topic: Sad, IF true  (Read 1244 times)
Preacherman0
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« on: Mar 23, 2011 at 13:31 »

http://aggbot.com/link.php?id=12907450&r=tw&c=244

If Charlie Batch is having trouble managing his finances, imagine what some guys of lesser wisdom are doing.  To me, this is evidence that these men often need to be protected from themselves--and just giving them more money will not necessarily keep these kinds of things from happening (but I'm still on the players' side in the CBA battle).
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aj_law
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« Reply #1 on: Mar 23, 2011 at 14:38 »

Sounds like the culmination of business deals that went sour rather than a guy who can't manage his finances.

Even the most astute business minds fall prey to it.  Fuck, Trump built his legacy in spite of it.

I could be wrong, but I don't think this is a matter of some rich athlete who is overspending his monthly stipend.  I'm sure those cases do exist, tho.  'Prolly going to see more and more surface during the coming months too.

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msdmnr2002
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« Reply #2 on: Mar 23, 2011 at 15:03 »

These things can happen, but the guy got like a $10 million bonus at one point from Detroit, plus salary for 14 years.  That's set for life money.  Take a couple million of that and put it somewhere you never touch it and let it grow slowly but 99% safely.  Insure yourself out the ass to protect yourself from liabilities like this.  Then if you want to take some risks, fine. 

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Merman1983
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« Reply #3 on: Mar 23, 2011 at 16:15 »

Just recently read that Dirt Dawson is in the same situation. I agree with the above, put a few million in a rainy day account for chrissakes.
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Finnegans Wake
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« Reply #4 on: Mar 23, 2011 at 17:19 »

These things can happen, but the guy got like a $10 million bonus at one point from Detroit, plus salary for 14 years.  That's set for life money.  Take a couple million of that and put it somewhere you never touch it and let it grow slowly but 99% safely.  Insure yourself out the ass to protect yourself from liabilities like this.  Then if you want to take some risks, fine. 


This.


I realize that most guys are chewed up and spit out and have no NFL cash left in 10 years, but seriously...  Sounds like Charlie invested badly.  A lot of guys invest in real estate, car dealerships, restaurants, and think it's a quick way to parlay money into bigger money.

My BiL was obsessed with getting on So You Want to Be a Millionaire back when it first hit.  They had different rules for getting on the show in the beginning, basically you call in and randomly selected people moved on to over-the-phone trivia quizzes that culled out potential entrants.  He entered everyone he could think of.  His wife, Mrs. F's sister, got selected, and off to NYC she went.  I was one of 5 phone a friends because of her misperception of my intelligence.  Long story short, she makes it to the hot seat, I got a call and correctly answered the $16K question off of some whiff of memory of the Donner Party (no Internet lookup at the time), and she wins $64K.  11 years ago, that ain't bad coin for a day's work.  Ain't bad for a day's work now.  The Mrs. and I got a small gift, very small piece of the pie, but it went to our house down payment, which was cool.  The BiL, now former BiL, was an astute dude, very sharp.  Decided to invest heavily in tech stocks, which kept going up faster than the savings rates at banks, and of course from that short-term bump he could pay off the tax hit.  Except this was when the tech bubble burst.  And he didn't partition the money into stocks and CDs or bonds or even plain old bank savings.  It was all in tech, and once the tax bill hit they were in hock for a few years. 

The want of money, and all that.  Even the smartest among us can't resist the quick hit for monetary gain.  How many lottery winners manage their money intelligently?

Charlie can work back his private wealth by coaching QBs for us the next decade or so.
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leighclay
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« Reply #5 on: Mar 23, 2011 at 21:36 »

Just recently read that Dirt Dawson is in the same situation. I agree with the above, put a few million in a rainy day account for chrissakes.

Dirt sold just about everything at auction here in Lex several months ago.  No rings, but lots of memorabilia, cars, watches, guns, his house.  Lots of real estate deals that went south with the economy - developments that didn't pan out.
Oddly enough, he's a partner in a relatively new shopping center development between Lex and a nearby, smaller town that's doing quite well.

I don't know if the NFL has it, but the NBA basically has Rookie 101, where they teach the new guys about managing their finances, dealing with fans, and other ins and outs of sudden fame and wealth.  All pro sports could certainly use something like that.
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jasonic
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« Reply #6 on: Mar 24, 2011 at 01:20 »

isn't that the main underlying point with all this lockout shit?  there's no help on the players' side.

I'm sorry but if you got the big signing and 14 years of salary (guessing not less than 250,000 p/year) and you're bankrupt???  love the guy but c'mon get your head out of your ass

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otismalibu
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« Reply #7 on: Mar 24, 2011 at 07:11 »

1) These guys are professional athletes. Many are pretty fucking dumb. Have been the All-Star since 5th grade, getting a free ride through school. Think these guys took Investment Strategies while "attending" college? Fuck, they can't even figure out how to put on a rubber.

2) These guys are professional athletes. Being aggressive is in their DNA. It's how they made it to the big show. Try and squeeze that pass between two defenders. Shoot the fall-away 3 with a guy in his face. Go big or go home.

When it comes to money, aggressive & ignorant ain't the best combination.

Guy from my hometown played in the NHL for around a decade. I don't think he ever made close to $200K USD in any season (back in the 80s/90s). His Dad was the economics teacher at our high school. Bet he's not hurting, but he's never gonna be on Cribs.
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